Because Twitter has never delivered a profit, analyzing its value is a tricky task.

Wall Street expects Twitter to report continuing losses in the fourth quarter. But analysts will be scrutinizing the results for gains in advertising revenues, Twitter’s user base and other metrics that measure “engagement,” or how people use the platform.

“We remain positive on Twitter?s ability to become one of the Web’s leading utilities (alongside Google, Amazon, Facebook),” he wrote in a note to clients.

“Twitter has displayed very robust growth in key metrics, and we have confidence that this momentum can continue as the company develops its advertising platform… we remain enthusiastic about the company’s long-term opportunity.”

Twitter has fast become engrained in popular culture but must still convince investors of its business model, having lost more than $440 million since 2010.

With 232 million users and growing, Twitter is expected to be able to reach profitability over time by delivering ads in the form of promoted tweets, and from its data analytics. The research firm eMarketer estimates Twitter will bring in nearly $1 billion in 2014 in ad revenues.

But analysts at Cantor Fitzgerald recommend “sell” for Twitter saying its valuation is “excessive,” seeing “more downside than upside short-term.”

The Cantor Fitzgerald analysts said even with strong advertising and other gains, Twitter could face pressure because more shares will come on the market after the “lock-up” expiration that prevented insider sales so far.

Arvind Bhatia at Sterne Agree says in a note to clients that Twitter is likely to show gains in users, revenue and engagement but that he remains “neutral” on the stock.

“We continue to like the Twitter platform and believe in the company’s long-term prospects,” he said. “However, we remain neutral given the stock’s significant premium to its high-growth peers.”